Broadcast giants CBS Radio and Entercom have announced plans to merge to form a new commercial radio behemoth. Following the merger, the combined companies will have a nationwide footprint of 244 stations, including 23 of the top 25 U.S. markets, as well as digital capabilities and a growing events platform, the companies said.
The newly combined company will be helmed by current Entercom President/CEO David J. Field.
Included in the deal are the rights to broadcast 45 pro sports teams, including the New York Yankees, the Boston Red Sox, the Chicago Cubs, the New England Patriots, the Atlanta Falcons, and the Golden State Warriors. The agreement also encompasses more than 100 popular local sports talk shows, and more than 4,500 live original events per year, including music festivals and concerts.
“Radio reaches more Americans than any other medium, and offers advertisers outstanding ROI and local activation. This transformational transaction creates scale-driven efficiencies and opportunities to compete more effectively with other media to better serve our listeners and our advertisers. The combination of a compelling strategic fit, an excellent balance sheet, and robust free cash flow generation, position us to create significant shareholder value for our investors, Field said.